How do I qualify for a Reverse Mortgage?

To qualify for a reverse mortgage:

You and all other borrowers (maximum of three) must be the titleholder(s) of the property;

You and all other borrowers must be age 62 or older;

Your existing mortgage balance must be paid off at closing. You can choose to pay off the balance with funds from the reverse mortgage or another source;

and Your home must be an eligible property type.

What’s an eligible property type?

1) Single family home
2) Multi-family home (one unit must be your primary residence)
3) Condominium
4) Planned unit development
5) Modular home
6) Manufactured home (available only with Home Equity Conversion Mortgage)

Located in an eligible state (Senior Equity Reverse Mortgage products are not offered in all states). Ineligible properties include a cooperative (co-op) or mobile home.